- China’s president urges G20 countries to embrace the CBDC project
- Advises the countries on climate change, artificial intelligence and other issues
Xi Jinping, President of the most populous nation on earth, China, has beseeched member countries of the G20 to support digital currency. The Chinese president advised these countries to support the growth and implementation of central bank digital currencies (CBDCs) in their individual countries.
President Xi made his opinion known while giving his remark at the forum. He advised the leaders to set a regulation which would standardize the use of such digital currencies as a form of fiat currencies.
He went on to state that their countries have to provide a level of support for the United Nations. He says this support would allow the UN to be able to build an equal, safe and secured digital economy for all countries.
He challenged the G20 countries to work collectively to build CBDC projects. He added that the countries should also work towards the growth and development of the international monetary system.
President Xi identified that CBDC project is not the only thing the countries should be critically looking at. He pointed out that countries have to have a better response rate and level of preparation for the pandemic. They also should be working hand in hand on how to develop AI and also combat the raging changes happening to our climate.
Digital Yuan: China’s CBDC project
China is the leading country when it comes to the integration and implementation of the CBDC project.
China has successfully tested her CBDC. Digital Yuan has been used in over 4 million transactions that were worth well over $299 million.
The Asian country has reiterated that the currency would only be complementing physical cash.
Countries like Bahamas, Russia, Japan and a host of others have also been working on how a digital currency can be successfully integrated into their economic system.